Rajesh Power wins ₹211.68 cr OPTCL order, enters Odisha
The EPC contract for a 220kV underground cable line is among the company's largest transmission orders, boosting visibility.
What's new
- Won a ₹211.68 crore EPC order from OPTCL for a 220kV underground cable line near Bhubaneswar.
- First project in Odisha, expanding eastern India footprint.
- Order represents ~13% of FY26 revenue and is among its largest transmission segment contracts.
Why this matters
For a micro-cap with a market cap of ₹1,520 crore, a single order of this size materially lifts near-term revenue visibility. The existing order book of ₹3,326 crores receives a meaningful boost, and entry into a new state diversifies geographic risk. Execution within 24 months will determine whether this converts into steady revenue.
What we're watching
- Progress on the 24-month timeline for the Mendhasal-Chandaka line.
- Potential follow-on orders from OPTCL or other eastern utilities.
- Order book update in the next quarterly presentation.
The full read
Rajesh Power Services has locked in its first Odisha project — a ₹211.68 crore EPC contract from state utility OPTCL. The job involves a 220kV underground cable line connecting two substations near Bhubaneswar, to be delivered in 24 months. For a micro-cap with a market capitalisation of just ₹1,520 crore, this single order is material: it represents roughly 13% of FY26 revenue and is among the largest transmission contracts the company has ever won. The existing order book of ₹3,326 crores gets a meaningful boost, and the geographical diversification into a new state is a positive. Execution risk is moderate given the firm contract from a reputed counterparty, but the real test will be whether this is the start of a broader eastern India pipeline or a one-off.
Questions answered
- How does this order compare to Rajesh Power's existing order book?
- Rajesh Power had an order book of ₹3,326 crores as of its last investor presentation. The ₹211.68 crore contract is a meaningful addition, though the exact percentage boost is not specified in the filing.
- What does this order mean for revenue visibility?
- The contract value is approximately 13% of the company's FY26 revenue estimate of ₹1,628 crores, providing near-term revenue visibility. It is among the largest transmission orders secured by the company.
- Is this a related-party transaction?
- No. The news summary states the contract was awarded in the normal course of business and is not a related-party transaction.
- What is the scope and timeline of the project?
- Rajesh Power will build a 220kV underground cable line and associated bay extensions connecting the Mendhasal substation to the Chandaka-B substation near Bhubaneswar, with a completion period of 24 months.